To continue to mitigate against the devastating economic effects of COVID-19, Freddie Mac provided further relief for multifamily landlords and tenants by revising its existing Multifamily COVID-19 Forbearance Program (Forbearance Program) in response to the enactment of the CARES Act.  Under the existing Forbearance Program, property owners with a fully-performing Freddie Mac Multifamily loan can defer their loan payments for 90 days by showing hardship as a result of COVID-19 and by obtaining lender approval.…

In new guidance issued by the New York City Department of Buildings brings their stated policies in line with latest guidance from Empire State Development. Three basic categories of construction are permitted to continue: (1) Essential Construction; (2) Emergency Construction; and (3) local government work, which is subject to individual determination by the appropriate City agency. The most significant change in the guidelines is the significant expansion of the scope of projects under the Essential…

As we have described in our blog posts here and here,  construction in New Jersey and New York is curtailed, but all ongoing projects face the same practical issues. No matter where your project is, on-site the current circumstances present unique challenges. For the safety of on-site workers and the general public, site management personnel should make all efforts to enforce best practices to limit the spread coronavirus. The New York City Department of…

In addition to undertaking on-site mitigation efforts, the coronavirus pandemic presents questions and issues to overcome from a project management perspective. Management staff must remain focused on communicating with their teams, up and down the chain of contracts, and, of course, keep the flow of money going. Even for projects which continue, ensuring that site personnel work safely and minimize infection risk necessarily slows progress on the site. Accordingly, subcontractors and suppliers, general contractors, and…

Earlier this week, on Monday, we had reported that New Jersey was allowing, subject to proper distancing and safety measures, all construction projects within the State to proceed “as usual,” but that we believed New Jersey might ultimately follow New York’s lead after New York recently limited what it considered to be “essential” construction services in light of the continued spread of the coronavirus.  Yesterday, New Jersey did just that. On Thursday, April 8, 2020,…

In the midst of the global COVID-19 (Coronavirus) pandemic, some New York building owners are breathing a collective sigh of relief after securing a hard-fought victory in the New York Court of Appeals.  On April 2, 2020, the Court of Appeals, in a divisive 4-3 decision, struck down Part F of the Housing Stability and Tenant Protection Act of 2019 (the “HSTPA”) after concluding that retroactive application of Part F of the HSTPA violated building…

In March of this year, New York State issued restrictions on the operation of all businesses, providing some exceptions for businesses viewed as “essential.”  Construction services were included as “essential.”  Later in the month, seemingly in response to public outcry, the State narrowed the scope of permitted construction services.  See our earlier blog here. In accordance with authority bestowed by Executive Order, NYC Department of Buildings (DOB) issued guidance for the shut down of…